Income Tax Slab Rates AY 2018-19 Income Tax Slab Rates AY 2018-19 (Financial Year 2017-18) for different category of Persons as per Finance Bill 2017 (Budget 2017-18) are as follow:- Income Tax Slab Rates AY 2018-19 in case of Individual(resident or non-resident) or HUF /AOP/BOI/AJP In case of an Individual(resident or non-resident) or HUF or Association of Person… Read More »

Salient Features of Direct Tax Proposals in Union Budget 2017 The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below: I. Affordable Housing: Three concessions in the scheme of Income Tax exemption for affordable housing: (a) … Read More »

English rendering of the Prime Minister’s Statement on Union Budget- 2017-18 I congratulate the Finance Minister Arun Jaitley Jee for presenting an excellent Budget. It will empower the poor and live up to the expectations of all. It will provide an impetus to infrastructure, strength to the financial system and a big boost to the… Read More »

In order to make ,MSME companies more viable, income tax for smaller companies with annual turnover upto Rs. 50 Crore is reduced to 25% Government allows carry forward of minimum alternate tax (mat) upto a period of 15 years instead of 10 years To give boost to banking sector, allowable provision for non performing asset… Read More »

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley presented the General Budget 2017-18 in Parliament today Total expenditure in Budget for 2017-18 has been placed at`21.47 lakh crores and this is expected to have multiplier effects and lead to higher growth. The total resources being transferred to the States and the Union… Read More »

Fiscal deficit for 2017-18 pegged at 3.2% of GDP and to achieve 3% in 2018-19 Total expenditure for 2017-18 has been placed at Rs. 21.47 Lakh Crore States and the Union Territories with legislatures allocated Rs. 4.11 Lakh Crore in 2017-18, as against Rs. 3.60 Lakh Crores in be 2016-17 Defence expenditure excluding pensions provided… Read More »

Agriculture to grow more than 4 percent as Government announces a slew of pro-farmer measures in General Budget 2017-18 Farm credit fixed at a record level of Rs 10 lakh crores; Irrigation fund hiked to Rs 40, 000 crores Finance Minister announced setting-up of a Dairy Processing and Infrastructure Development Fund with a corpus of… Read More »

Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh. Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab. A simple one- page… Read More »

Total allocation for Infrastructure Development stands at Rs. 3,96,135 crores in 2017-18 2,000 kms of roads identified for construction for better connectivity with ports and remote villages 1,55,000 kms of Optical Fiber Cables laid; high speed broadband connectivity to more than 1,50,000 gram panchayats by end of 2017-18 The Union Minister for Finance and Corporate… Read More »

First combined Budget of Independent India, that includes Railways, presented Total Capital And Development Expenditure of Railways pegged at Rs. 1,31,000 crores Government to focus on ‘Swachh Rail’; Rs. 1 lakh crores ‘Rashtriya Rail Sanraksha Kosh’ to be created in 5 years Cashless reservations go up from 58% to 68% The Union Minister for… Read More »

FIPB to be phased-out in the next fiscal, Bill to be tabled in Parliament soon to crack down on ponzy schemes High net worth NBFCs can now participate in IPOs at par with Banks and Insurance Companies Computer Emergency Response Team for Financial Sector to be set up While presenting the General Budget 2017-18 in… Read More »

Finance Minister unveils string of measures towards Ease of Doing Business Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after… Read More »

Allocation for welfare of SC, ST and Minorities to be enhanced Aadhar based smart cards containing health details for senior citizens to be introduced The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the Government is giving special importance to implementation of… Read More »

Political Parties cannot receive donation above Rs. 2,000 in cash from one person; entitled to receive donations by cheque or digital mode from their donors;. Have to file its Income-Tax Return within the prescribed time limit Banks to issue Electoral Bonds to enable donations to Political Parties The Union Minister for Finance and Corporate Affairs,… Read More »

Finance Minister announces several measures for revenue mobilization in the General Budget 2017-18 along with a reduction in tax rates for small tax payers In a major relief to small taxpayer and to bring more people in the tax net, the Union Finance Minister Shri Arun Jaitly announced a reduction in tax rates from 10… Read More »

Finance Minister announces several anti graft and rationalisation measures in the field of Income tax Accountants or merchant bankers furnishing incorrect information to face penalty Income of the Chief Minister’s Relief Fund and the Lieutenant Governor’s Relief Fund to be exempt from tax Concessional tax rate of 10 per cent in case of income arising… Read More »

Demonetisation will lead to bigger, cleaner and real GDP, says Jaitley GST to spur growth, competitiveness, and greater transparency in economy The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said that India has witnessed historic and impactful economic reforms and policy making in the last one year and there were two tectonic… Read More »

Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh Government to launch schemes to promote BHIM app, Aadhar Enabled Payment System Mission to be set-up to achieve a target of 2500 Cr digital transactions in 2017-18 Series of measures proposed to strengthen and regulate digital economy In a… Read More »

General Budget 2017-18 proposes Reduction in Customs and Excise for Renewable Energy Sector, and Cashless Transaction Devices The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today announced substantial relief in Customs and Excise Duties for Renewable Energy Sector and for manufacture of Cashless Transaction… Read More »

GST Council has finalised its recommendations on almost all the issues based on consensus, says Finance Minister in his Budget Speech Extensive reach-out efforts to trade & industry for GST to start from 1st April, 2017 The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament… Read More »

Allocation for welfare of women and children increased from Rs 1,56,528 crores in BE 2016-17 to Rs 1,84,632 crores in 2017-18 in General Budget 2017-18 Mahila Shakti Kendra in 14 lakh ICDS Anganwadi Centres National Housing Bank to refinance individual housing loans of Rs 20,000 crore in 2017-18 For the welfare of Women and Children… Read More »

Affordable Housing will be given Infrastructure Status National Housing Bank will Refinance Individual Housing Loans of about Rs. 20,000 Crore in 2017-18 The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that affordable housing will now be given infrastructure status, which will enable… Read More »

Action plan to eliminate Kala-Azar and Filariasis by 2017, Leprosy by 2018 and Measles by 2020 New All India Institutes of Medical Sciences (AIIMS)to be set-up in Jharkhand and Gujarat Drugs and Cosmetics Rules to be amended to ensure availability of Drugs at Reasonable Prices The Union Minister for Finance and Corporate Affairs, Shri Arun… Read More »

Legislative reforms to be undertaken to Simplify, Rationalize and Amalgamate the existing Labour Laws The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the Government is keen on fostering a conducive labour environment wherein labour rights are protected and harmonious labour relations… Read More »

A System of measuring Annual Learning Outcome will be Introduced The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today proposed to introduce a system of measuring annual learning outcome in our schools. He said that emphasis will be given on science education and flexibility… Read More »

Reforms will be undertaken in UGC; Good Quality Institutions would be enabled to have greater Administrative and Academic Autonomy The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that in higher education, the Government will undertake reforms in the UGC. Good quality institutions… Read More »

“SWAYAM” Platform will be launched to leverage Information Technology The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the Government proposes to leverage information technology and launch SWAYAM Platform with at least 350 online courses. In his Budget Speech, the Finance Minister… Read More »

Pradhan Mantri Kaushal Kendras to be extended to all over the Country “SANKALP” for Livelihood Promotion Programme to be Launched at a cost of Rs. 4000 Crores The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the Government proposes to extend the… Read More »

National Testing Agency for Entrance Examinations in Higher Education Institutions The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the Government proposes to establish a National Testing Agency as an autonomous and self-sustained premier testing organization to conduct all entrance examinations for… Read More »

Next Phase of Strive to be Launched at a Cost of Rs. 2200 Crore Special scheme for creating Employment in Leather and Footwear Industries Five special Tourism Zones to be set-up in States Incredible India 2.O campaign to be launched across the world The Union Minister for Finance and Corporate Affairs Shri Arun Jaitley while… Read More »

Budget 2017-18 -Key Highlights —- we are updating this page further…….. Finance Bill proposes ban on cash transactions above 3 lakhs 2001 shall be the base year for calculating the capital gains instead of existing 1981. Capital Gains: Holding period for immovable property is reduced to 2 years Presumptive income under Section 44AD for digital… Read More »

Cabinet approves Introduction of The Indian Institutes of Information Technology (Amendment) Bill, 2017 in Parliament IIDM Kurnool to be declared as Institute of National Importance The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of The Indian Institutes of Information Technology (Amendment) Bill, 2017 in Parliament. The… Read More »

Budget Glossary 1. Union Budget Union Budget is the most comprehensive report of the Government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next fiscal year called Budgeted Estimates. 2. Direct and Indirect Taxes Direct taxes are the… Read More »

CA Final Financial Reporting Book – First Lessons In Financial Reporting by M P Vijay Kumar (Author) This MP Vijay kumar Financial Reporting Book for CA Final is updated upto December 2016 and includes November 2016 solved paper. It Contains 1202 pages. It includes references to Companies Act 2013 and Schedule III. It Incorpor ates Amendments by… Read More »

How Exemptions and Dependents Can Reduce Taxable Income Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2016 tax return. Here are seven… Read More »

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